BITCOIN price could rise to $30,000USD by the end of 2018 if there is widespread adoption by major financial institutions, claimed crypto expert David Drake.

LDJ Capital Founder and Chairman David Drake claimed the crypto climate is “weird” and can be “fraudulent” but there is unlikely to be one single internet currency on the crypto market.

Speaking to Bloomberg News, Mr Drake said: “I’ve been saying for a couple of months that it will be a cold winter.

“Regulators, the SEC, FINRA, they haven’t given us guidance yet on how to deal with this. The US is the biggest market in the world and right now Asia is really hard for cryptocurrencies.

“But I’d say this year is a cryptocurrency Wall Street time and like Dorsey said, and we have said that before as well, we think cryptocurrency on the bitcoin will be worth $30,000 at the year end – it is limited.”

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Bitcoin price: David Drake said bitcoin could reach $30k by end of 2018

We think cryptocurrency on the bitcoin will be worth $30,000 at the year end

David Drake

Twitter CEO Jack Dorsey claimed bitcoin will take over the US dollar’s dominant place in world finance.

Jack Dorsey, a noted bitcoin investor himself, suggested the shift could happen within a decade or less.

Mr Dorsey said: "The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin."

But he did concede that bitcoin is facing scaling issues which makes it “slow and costly”. Although the entrepreneur argued new solutions will ease the difficulty in the end.

Yet, Mr Drake said he does not think there will be a single internet currency and insisted “hundreds” of cryptocurrencies will remain on the market.

In response to the comments, he said: “I think he might have meant that it will be an acceptable currency on a global basis because it was the first one from 2009.

“But there is too many out there with great solutions.

“Yet again, like Dorsey said, some of them are fraudulent and they are weird and strange. There’s too much hype. We have got to calm down a little bit.”

Mr Drake also said he thinks there will be some changes to the top 5 cryptocurrencies over the next year. He said: “I think we are going to see some changes this year. The top five is going to change order.

Banking giant Morgan Stanley also likened the current market climate of Bitcoin to the dot-com bubble that, during its most “exuberant” period rose by 250 to 280 percent - however analysts have stated that the cryptocurrency’s timeline is accelerating much faster.

Morgan Stanley strategist, Sheena Shah, stated that the similar behaviour between dot-com and Bitcoin could mean that history is repeating itself, meaning that the cryptocurrency could soon crash.

Morgan Stanley declared that the correlation of trends between Bitcoin and the dot-com era is “an interesting development”.

Bitcoin price decreased to $8,771.77 at 09:30am (GMT) on Thursday, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000.

BTC prices dipped last week after Google announced it was cracking down on cryptocurrency and initial coin offering (ICO) advertising on its platform.